[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5398 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 5398

  To amend the Internal Revenue Code of 1986 to allow the first-time 
homebuyer credit for the purchase of a principal residence to replace a 
   principal residence damaged or destroyed in a federally declared 
                   disaster, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 25, 2010

   Mr. Paul introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to allow the first-time 
homebuyer credit for the purchase of a principal residence to replace a 
   principal residence damaged or destroyed in a federally declared 
                   disaster, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Help Disaster Victims Buy a New Home 
Act of 2010''.

SEC. 2. ALLOWANCE OF FIRST-TIME HOMEBUYER CREDIT FOR REPLACING 
              PRINCIPAL RESIDENCE DAMAGED OR DESTROYED IN FEDERALLY 
              DECLARED DISASTER.

    (a) In General.--Section 36 of the Internal Revenue Code of 1986 is 
amended by redesignating subsection (h) as subsection (i) and by 
inserting after subsection (g) the following new subsection:
    ``(h) Special Rules Relating to Federally Declared Disasters.--
            ``(1) In general.--In the case of an individual (and, if 
        married, such individual's spouse) who purchases a principal 
        residence to replace the principal residence of such individual 
        (and spouse) damaged or destroyed by a federally declared 
        disaster, such individual (and spouse) shall be treated as a 
        first-time homebuyer for purposes of this section with respect 
        to the purchase of such subsequent residence.
            ``(2) Federally declared disaster.--For purposes of this 
        subsection, the term `federally declared disaster' has the 
        meaning given such term by section 165(h)(3).''.
    (b) Effective Date.--The amendment made by this section shall apply 
to purchases after the date of the enactment of this Act.

SEC. 3. MODIFICATION OF CASUALTY LOSS RULES.

    (a) Deduction Allowed in Computing Adjusted Gross Income.--
Subsection (a) of section 62 of the Internal Revenue Code of 1986 is 
amended by inserting before the last sentence the following new 
paragraph:
            ``(22) Casualty loss due to federally declared disaster.--
        The deduction allowed by section 165 by reason of subsection 
        (h)(3) thereof.''.
    (b) Election To Take Loss in Subsequent Year.--Paragraph (1) of 
section 165(i) of such Code is amended--
            (1) in the text by inserting ``one of the succeeding 5 
        taxable years immediately following the taxable year in which 
        the disaster occurred'' before the period, and
            (2) in the heading by striking ``for preceding'' and 
        inserting ``in a different''.
    (c) Effective Date.--The amendments made by this section shall 
apply to disasters declared in taxable years beginning after the date 
of the enactment of this Act.

SEC. 4. EXCLUSION OF DISASTER-RELATED UNEMPLOYMENT ASSISTANCE FROM 
              GROSS INCOME.

    (a) In General.--Section 85 of the Internal Revenue Code of 1986 is 
amended by adding at the end the following:
    ``(d) Exception Relating to Disasters.--Subsection (a) shall not 
apply to assistance provided under section 410 of the Robert T. 
Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 
5177).''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to amounts received after the date of the enactment of this Act.
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